Q. Will this be ok to file it like this?
A. Yes, you have the basic idea and your numbers seem right.
And "getting some credit" is a good idea. But I would use $2000 instead of $1500. The American Opportunity Credit (AOC) is 100% of the first $2000 and only 25% of the next $2000. That said, most families still come out slightly ahead using the full $4000. At worst (usually) the parent gets 25% of the 2nd $2000 but the student only pays 22%.
